The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) has been fined £17.85mn for failing to be open with the Bank of England (BoE) about enforcement action it faced in the United States, Business Times reported on 9 February.
Along with MUFG Securities EMEA plc, which was fined £8.9mn, the BTMU has been accused by the BoE’s Prudential Regulation Authority of having failed to be open and co-operative regarding an enforcement action imposed on the BTMU by the New York Department of Financial Services (DFS).
The BTMU was fined $315mn in 2014 for misleading the DFS with a watered-down report on its dealings with sanctioned countries.